You borrowed $232,000 with a 30-year, fully amortized, adjustable-rate mortgage 2 years ago. The payment on the mortgage resets every year and the loan features a payment cap of 10%, but allows for negative amortization. The original index rate was 1% and the margin is 2% and the initial rate on the loan is 2.5%. What is the balance on the loan after 24 months assuming that the index rate during the second year was 3.5%?